Consolidating consolidation federal loan online program student Loke adult chat
As a borrower, you might have questions about how the consolidation process works.
Review the following questions and find what you need to know about consolidating student loans.
You can consolidate all, just some, or even just one of your student loans.
Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.
You’re generally eligible once you graduate, leave school or drop below half-time enrollment.Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.Student loan consolidation allows borrowers to combine multiple loans into a single, new loan with a new interest rate, repayment options and terms.It's important to keep in mind that there are distinct federal and private options for consolidating student loans.
Learn more about how to take advantage of both student loan discounts. The lifetime limit for this loan combined with all other education-related debt is $250,000.